Newspaper reports are pointing to support services and BPO giant Serco, and telco-focused offshore IT/BP player Tech Mahindra as the two interested 
parties looking to acquire Hutchison Global Services (HGS), the captive India-based BPO operation of Hutchison Whampoa (see here and here).
HGS provides customer management services for the Three network in the UK and Ireland (of course part of the Hutchison empire), and Vodafone in Australia. It employs some 12,000 people out of five locations in Mumbai and Pune.
Both Serco and Tech M have their hands full right now integrating acquisitions and building out new growth strategies. Serco is in the midst of launching its new Global Services BPO business following recent acquisitions of The Listening Company and Vertex Private Sector in the UK (see here and here) and Intelenet Global Services internationally (see Serco buys Intelenet for offshore BPO entry). Meanwhile, group-wide, Serco’s organic growth has stuttered (see Serco warns on H1 organic growth).
Tech M has only just completed its merger with sister company Mahindra Satyam (see here) and it still has plenty of work to do to arrest its own revenue decline while nursing the recovery at Mahindra Satyam (see Tech Mahindra growth stumbles again). Then there is the ongoing Raju scandal to add to the distractions.
While both companies are trying to get their core businesses back on track, taking on board another big acquisition would surely only add to the headaches.